What Happens to inactive bank accounts??

Question

i just remembered i had opened a bank account back when i was in 4th grade....it was a saving account and we weren't allowed to touch the money until we were 18.....its been 13 years and i completely forgot it was there and after 5th grade stopped making deposits.....what happens to the money? did it collect intrest or what?? if so how would i go about claiming the money?

Answer 1

The correct answer is that accounts that remain inactive for a long period of time are considered unclaimed property that must be transferred to the state where the account is held. Look at the state banking commission site for your state to find out how to check to see if they have the money from your account. From there, you can file a claim to get the money back.

Answer 2

I think it's a disgrace. Whether an account is active or not, what business is it of the Governments? Some people put money away into savings and then cannot afford to make deposits and will not make withdrawals from it. The Government seizing monies from inactive accounts is wrong. Admittedly, this could easily be avoided by making a simple deposit or withdrawal but what crime has one committed if one doesn't do that? Complacency? It's like a punishment tax for complacency. At the end of the day, what harm or hardship or costing has a bank or the Government endured by having a few stagnant accounts in the system? None. And what will they do with the money? Waste it in aid to a few foreign countries to suck up to their leaders whilst stiffing needy Aussies like our homeless, our flood victims or our sadly lacking healthcare resources? This stinks.

Answer 3

Inactive bank accounts are mostly limited to two years. You will be given a notice of dormancy. After the bank sent that dormancy notice to you but still you don't make any transactions of your account, the bank will automatically deduct a small percentage from your savings (percentage deductions depend on the country). When it reach to ZERO balance, the bank will then fully close your account. So since you said that its been 13 years of no transactions to that account, it is assumed that your account had been closed already.

Answer 4

If you can recall the bank - take in your ID and social security card they can look up the account and tell you what became of it. If the bank has closed-been sold or is no longer located where you opened it try this site:http://www.usa.gov/Citizen/Topics/Money_Owed.shtml since all banks are federally managed and insured you may have monies held by the government for you.

Good Luck!

Answer 5

LOL. I had an account with a bank that I completely forgot about.

There was about ( repeat -WAS)$ 600.00 in there. I went to close it, and they charged me 5.00 per month, "inactive account fee. "
5.oo a montth for 5 years??? Oh, but they did continue to pay interest!

Answer 6

Once you know the account number or the bank and you have ID you can get whatever is in there